Property & Home Loans
Fortnightly Payment Calculator
Calculate how much interest and time you save by switching from monthly to fortnightly mortgage repayments.
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FAQ
Frequently asked questions
Why does paying fortnightly save money compared to monthly?
When you pay half your monthly repayment every fortnight, you make 26 half-payments per year — equivalent to 13 full monthly payments. That extra month's payment every year chips away at your principal faster, reducing the interest that compounds on the outstanding balance.
How much can I save by switching to fortnightly payments?
On a typical $500,000 mortgage at 6.5% over 30 years, switching to fortnightly payments can save approximately $70,000 in interest and shorten the loan by around 4–5 years.
Do lenders allow fortnightly repayments?
Most Australian lenders allow weekly, fortnightly, or monthly repayments. Check your loan contract — some lenders split the monthly payment in two rather than offering a true fortnightly schedule. True fortnightly (26 payments/year) saves more than semi-monthly (24 payments/year).
Is the fortnightly repayment amount exactly half the monthly payment?
In this calculator, yes — the fortnightly payment is half the standard monthly repayment. This is the most common method used by lenders, and it's this structure that creates the equivalent of one extra monthly payment per year.
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